Cruise Line Miracle/Debacle 200814
August 14, 2020
Emailed to The United Nations, Fed Chair Jay Powell, St Louis Fed President James Bullard, Minneapolis Fed President Neel Kashkari, Dallas Fed President Robert Kaplan, Congressman Van Taylor, Congressman Colin Allred, Senator John Cornyn, Senator Ted Cruz, The U.S. SEC, and NYT/WSJ/WP/DMN/CNBC on 8/15/20.
The U.S. Government is corrupt! The corrupt U.S. Government is committing a fiscal and accounting fraud! The corrupt U.S. Government is not operating its fiscal policy according to proper and Generally Accepted Accounting Principles (GAAP Accounting)! The corrupt U.S. Government is running a classic Ponzi scheme, I call it USAPonzi, that is in the process of fraudulently borrowing an infinite amount of money, I call it imaginary-counterfeit money, from future Americans and giving it to the U.S. upper class!
This fraudulent U.S. Government fiscal policy has spawned a booming business in cruise ships!
The corrupt U.S. Government has printed $153.8 Trillion of imaginary-counterfeit money so people all over the planet can go on cruises and not spend a plugged nickel of earned income. The corrupt U.S. Government is fraudulently borrowing an infinite amount of money, so far $153.8 Trillion, from the future Americans and giving it to the U.S. upper class so a lot of people, and an ever-increasing number of people, can go on cruises!
The corrupt U.S. Government is expecting the future Americans to pay for a whole lot of cruises!
This fiscal and accounting fraud has produced a miracle cruising business that will prove to be a financial debacle for the cruise line industry when this Ponzi scheme is exposed!
When USAPonzi implodes, we will need a place to park a bunch, my estimate is 80-90% of the current fleet, of luxurious cruise ships, just like we will need a place to park all of the extra cars and airplanes that this accounting fraud has built!
I estimate that this accounting fraud, that I call USAPonzi, has built more than one billion too many cars and more than 25,000 too many jetliners!
Wikipedia estimates that there were 314 cruise ships in service as of the end of 2018.
314 cruise ships
As of December 2018, there are 314 cruise ships operating worldwide, with a combined capacity of 537,000 passengers. Cruising has become a major part of the tourism industry, with an estimated market of $29.4 billion per year, and over 19 million passengers carried worldwide annually as of 2011.
Cruise ship - Wikipedia
But the cruise ships just keep on coming since the corrupt U.S. Government keeps on printing more and more imaginary-counterfeit money!
Record Number of Cruise Ships to Debut in 2020
CRUISE LINE & CRUISE SHIP RICH THOMASELLI JANUARY 13, 2020
PHOTO: Virgin Voyages names its first ship Scarlet Lady. (rendering courtesy of Virgin Voyages)
There are nearly 30 new cruise ships that will make their debut in 2020, including the Iona from P&O Cruises and the Carnival Cruise Line Mardi Gras, both with the capacity for 5,200 passengers.
And that’s a 2020 record that will live, oh, about six months.
Later this year, the 6,300-passenger MSC Virtuosa will make its debut.
This accounting fraud is not only building cruise ships that we cannot afford, it is causing a Trilogy of Global Crises (inequitable economy, global warming, and the coronavirus pandemic)!
The following table gives a summary assessment of the U.S. Government financial condition as of August 14, 2020 as estimated by www.usdebtclock.org.
|Cash Deficit in FY2020
|*GAAP Deficit in FY2020
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org August 14, 2020
*usdebtclock.org has stopped explicitly reporting the GAAP Deficit. The GAAP Deficit is implicitly reported as the change in US Unfunded Liabilities (GAAP). US Unfunded Liabilities (GAAP) were $126.1 Trillion on October 1, 2019 the start date for FY2020, therefore the GAAP Deficit in FY2020 will be >$27.7 Trillion (>$153.8T-$126.1T = >$27.7T).
I have written two websites (www.usaponzi.net and www.usaponzi.com) and eight books that explain this accounting fraud and the impact it is having on Planet Earth. My latest book (USAPonziE) is available on Amazon and can be downloaded from my www.usaponzi.net website.
This is the biggest ($153.8 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Great American Fraud” and “The Biggest Ponzi Scheme on the Planet”!
John W. White